The Ministry of Industry and Advanced Technology (MoIAT) in the UAE has recently announced a groundbreaking partnership with Emirates Development Bank (EDB) to launch a $100 million financing solution for the new AI innovation program. This initiative was unveiled at the third edition of the Make it in the Emirates (MIITE) Forum in Abu Dhabi, showcasing the country’s commitment to fostering innovation and technological advancement in various industries.
The AI innovation program is designed to accelerate the adoption of advanced technologies, particularly in the field of artificial intelligence, to address pressing industrial challenges and drive economic growth. By providing a platform for collaboration between industry players and technology developers, the program aims to harness cutting-edge AI solutions to enhance efficiency, productivity, and sustainability across different sectors.
Through this partnership, participants in the program will have access to a diverse network of technology developers, enabling knowledge sharing and the development of customized AI solutions tailored to specific industrial challenges. The program also aims to facilitate access to finance for technology developers and startups, removing financial barriers that may hinder the implementation of innovative solutions.
Sarah Al Amiri, the Minister of State for Public Education and Advanced Technology, emphasized the UAE’s commitment to integrating advanced technology and AI solutions into various industries. She highlighted the importance of aligning industry demand with technology supply to drive innovation and create value in efficiency, productivity, and investment.
Ahmed Mohamed Al Naqbi, the CEO of Emirates Development Bank, underscored the transformative potential of the AI innovation program in revolutionizing manufacturing and specialized industries. He emphasized the program’s role in building a future-ready industrial sector for the UAE, unlocking new opportunities for growth, innovation, and sustainable development across key sectors.
Al Naqbi also highlighted the alignment of this initiative with the UAE’s industrial strategy and national objectives for sustainable development and a circular economy. By focusing on advanced technologies such as AI, EDB aims to empower businesses and innovators to shape the country’s industrial future and drive economic progress.
Overall, the partnership between MoIAT and EDB to launch the AI innovation program represents a significant step towards advancing technological transformation in the UAE. By fostering collaboration, innovation, and access to finance, this initiative aims to position the country as a competitive player in the global technology development space, driving economic growth and industrial innovation across various sectors.
(Source: Khaleej Times)